The legislative body of any community may abolish the redevelopment revolving fund whenever it finds that the purposes for which the fund was established have been accomplished. At the time of abolishing the fund, the legislative body shall transfer all moneys in the fund to the general obligation bond redemption fund, and shall provide that all moneys thereafter deposited or redeposited in the redevelopment revolving fund are deposited in the general obligation or revenue bond redemption fund. Any surplus existing in the general obligation or revenue bond redemption fund after payment of principal and interest shall be transferred to the general fund of the community. History of Section.P.L. 1956, ch. 3654, § 42; G.L. 1956, § 45-33-3.
Rhode Island Legal Code